China CSRC approves Shanghai bitumen futures; trading starts Oct

18 September 2013 09:05[Source: ICIS news]

SINGAPORE (ICIS)--China Securities Regulatory Commission (CSRC) has approved the launch of bitumen futures trading in the Shanghai bourse, with trading expected to start in early October, a source from the Shanghai Futures Exchange (SHFE) said on Wednesday.

The approval – the last regulatory hurdle that needed to be overcome before bitumen future trading can start – was granted on 16 September, according to CSRC.

In June, China’s State Council had approved the futures trading of bitumen contracts.

Six bitumen brands - Sinopec, PetroChina, CNOOC, and Jinhai Hongy from China; SK Energy from South Korea and Tipco from Thailand – have been registered at the exchange as delivery cargoes, industry sources said.

SHFE has designated seven plant storages and six commercial storages that are mainly located in Guangdong, Zhejiang, Jiangsu and Shandong provinces as delivery points for the bitumen futures contracts, they said.